Strategy’s perpetual preferred stock STRC posted roughly $1.1 billion in trading volume on April 13, 2026, setting a new daily record. Depending on the data source cited in the report, estimates ranged from $1.06 billion to $1.156 billion. Even with that turnover, the stock finished close to its $100 par value.
That matters because STRC is not being treated as a routine income product. The Nasdaq-listed security, formally called the Variable Rate Series A Perpetual Stretch Preferred Stock, currently carries an annual yield of about 11.50% with monthly cash dividends. For Strategy, its main role is to keep capital flowing into the company’s bitcoin treasury program.
Trading above par keeps the ATM issuance channel open
The structure is simple in broad terms. When STRC trades at or above $100, Strategy can sell new shares through its at-the-market program, convert that demand into cash, and use the proceeds primarily to buy more bitcoin. The report said nearly all of the April 13 volume cleared above par, which meant the ATM program was effectively active throughout the session.
Based on the estimates cited, that trading could have translated into about $796 million to more than $1 billion in potential proceeds. At prevailing bitcoin prices, the same pool of capital would be enough to fund purchases of roughly 7,800 to 10,834 BTC. Volume alone was notable. The steadiness of the share price was just as important, because it pointed to deep liquidity and consistent market absorption.
Latest filing shows 13,927 BTC bought for about $1.001 billion
The timing matched Strategy’s latest disclosed bitcoin purchase. In an April 13 filing, the company said it acquired 13,927 BTC for approximately $1.001 billion, paying an average of $71,902 per coin. That pushed total holdings to 780,897 BTC.
The article said Strategy’s total cost basis is now near $59 billion, while the value of its reserve sits at about $57 billion to $59 billion, depending on the spot market. By scale, the company remains the world’s largest corporate bitcoin holder. The report also noted that on high-volume days like April 13, Strategy’s potential buying power can equal 20 to 24 times the post-halving daily mining output of roughly 450 BTC.
STRC has become the key tool in the capital stack
Within Strategy’s broader funding plan, STRC is described as the main workhorse. The company’s “42/42” capital raise through 2027 relies on instruments including STRC, STRK, STRF, and common stock, but STRC’s combination of yield, lower recent volatility, and efficient issuance has set it apart from the rest.
The scale has expanded quickly. STRC launched in July 2025 with a $2.521 billion IPO. As of April 14, 2026, about $6.36 billion in notional value was outstanding. The report added that Strategy has expanded the ATM program several times, and its March 2026 stock annex cited aggregate offering capacity of as much as $21 billion.
Supporters focus on efficiency while critics question durability
For income-oriented buyers, STRC offers a variable monthly dividend, relatively low recent volatility, and a senior position to common equity in the capital structure. At the same time, the report made clear that the security is not directly backed by bitcoin. Its design also relies on dividend-rate adjustments within set limits to help keep trading near par.
The article also included criticism from Peter Schiff. He had previously attacked Strategy’s presentation around “digital credit instruments like STRC” and said, “Digital credit is a fraud,” arguing that the structure depends heavily on continued investor demand rather than operating cash flow or income generated by the company’s bitcoin holdings or products. Critics cited in the report warned that if demand for new STRC or MSTR issuance weakens during a bitcoin downturn or wider market stress, Strategy could face slower bitcoin accumulation, higher dividend pressure, heavier dilution, and even the possibility of selling bitcoin into weakness.